Post by Logan on Mar 16, 2016 23:32:36 GMT -6
Maintaining Gov. Matt Bevin’s proposed budget, House Republicans Monday announced a phase-in strategy for both Kentucky’s teachers’ retirement and state employees’ pension systems, which would capture federal dollars and meet contribution levels in four years.
The Kentucky Teachers’ Retirement System (KTRS) has requested an additional $500 million from the state’s general fund as it had sold off $600 million annually just to meet pension obligations.
Similarly, the Kentucky Employees Retirement System (KERS) is considered one of the worst pension systems in the nation and had a $9 billion shortfall in June and only had enough assets to cover 22 percent of its pension liabilities.
Instead of making a lump sum payment from the state’s budget, Rep. Brad Montell (R-Shelbyville) said Kentucky could capture federal matching dollars by putting the contributions through the state employer payroll system.
Read more: www.state-journal.com/2016/03/15/house-gop-announces-pension-plans/
The Kentucky Teachers’ Retirement System (KTRS) has requested an additional $500 million from the state’s general fund as it had sold off $600 million annually just to meet pension obligations.
Similarly, the Kentucky Employees Retirement System (KERS) is considered one of the worst pension systems in the nation and had a $9 billion shortfall in June and only had enough assets to cover 22 percent of its pension liabilities.
Instead of making a lump sum payment from the state’s budget, Rep. Brad Montell (R-Shelbyville) said Kentucky could capture federal matching dollars by putting the contributions through the state employer payroll system.
Read more: www.state-journal.com/2016/03/15/house-gop-announces-pension-plans/